On February 2, Suarez excitedly announced that they had received their "first-ever disbursement... totaling $5.25M". He didn't mention that the coin is trading at 90% below its all-time-high and 35% less than its initial price of $0.01. Both the OKCoin exchange and the coin creator previously advertised that buyers could earn "430% APY" by participating in some sort of staking program with the coin. All current holders of the coin, such as the Miamians Suarez encouraged to invest, have lost money even when factoring in staking rewards, says Protos.
Miami mayor Francis Suarez's MiamiCoin gambit lands the city $5.2 million, investors not so lucky
Miami mayor Francis Suarez eagerly hyped "MiamiCoin" ($MIA), a cryptocurrency created by a private company and not actually controlled by Miami. Suarez appeared on CoinDesk TV to say that MiamiCoin has "been mainstreaming significantly faster than bitcoin", despite trading for pennies, and not being listed on any exchange aside from the Singaporean OKCoin.